The relationship between the economic growth and environment is and may always remain a complex matter. Some perceive the emergence of new pollution problems unsuccessful when dealing with global warming. There are others however, that have a more optimistic view. They see tremendous progress made in improving air quality in major cities and note ever improving human condition which was made possible by the advances of technology. The limited natural resources of the planet had many years been viewed as the source of limits to growth. However, it has become clear that limits to growth may not be solely to do with nature’s source of raw materials, but also natures limited ability to act as a bin or dumping ground for human waste. It is clear to see that natures role as a dumping ground for unwanted by-products of economic activity has been given less attention and maybe sometimes been forgotten about all together. The environment’s ability to dissipate or absorb waste is limited. Nature dissolves harmful chemicals, air, solids and is a resting place for millions of tonnes of garbage. But when nature’s ability to absorb this waste is exceeded, the environment quality falls and with this reduction in quality it may in turn limit growth. When we humans do damage to the ecosystem so harmful that it deteriorates beyond repair, it could mean a new, less productive steady state.
What is an economy?
It is the name given to the range of activities that gives rise to production, distribution, exchange and consumption of goods and services from many different economic resources. A list of resources are as follows:
Natural resources: land, oil, fish, forests.
Human made: machines, offices and roads.
Labour resources: people, how much and what type of work they can do.
The UK is what we call a developed economy. A developed economy is where income levels are high in global terms, has a large service sector and large parts of its economy involves...